Cost Per Policy

A review of the cost per policy across a line of business for any life insurance or pension organisation can be a sobering activity. It is one of the clearest indicators of the success of a business model in any life Insurance or pension organisation. It should be a primary concern for ‘C’ level management due to its impact on shareholder return.

How can a life Insurance or pension organisation reduce their cost per policy? There are many ways to address the cost per policy issue such as; availing of Software-as-a-Service policy software which offers subscription based pricing and has no large upfront licence fees, in addition to online quotes, online client and distribution services, straight-through processing plus automation of manual processes with which is perfect for any life insurance or pension organisation.

Life insurance and pension companies have realised the hidden costs associated with the manual process and deficient systems.

Where does a life insurance and pension organisation begin to optimise their policy processes to reduce their cost per policy?

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